Topic: [ANN]✨✨✨ FibSwap ✨✨✨ Swap Your Crypto Tokens Cross-Chain In Just One Tap (Read 288 times)

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Here's a purchase of an NFT on the #BNBChain with native Ethereum using Fibpal, the world's first multi-cross-chain NFT payment system!💪

We are evolving the NFT space 👏

Note: This is a beta test, and the UI is in progress

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With the recent hack on the Harmony Horizon bridge, it's time we give our thoughts on cross-chain bridges with wrapped asset mechanisms and the fundamental flaws behind how they work.

Cross-chain communication, simple bridges, and million-dollar hacks. What is the solution?

1) Over the past two years alone, there have been many bridge hacks, such as in February 2022, when there was a Solana to Ethereum bridge called "Wormhole" that had a major 320 million dollar hack.

2) The attack was possible due to an exploit that allowed the hacker to create a valid signature to sign a transaction. This made it possible for them to mint 120,000 wrapped ETH (worth $325 million at the time) on the Solana blockchain to then swap to and sell in native ETH.

3) Then there was the Axie Infinity Ronin bridge, which was used to transfer assets between the game's Ronin side chain and the Ethereum network.

4) Unfortunately, it was reported that 552 million dollars in USDC and ETH were drained from the protocol, and this was reported to be caused by stolen private keys that were then used to sign transactions from five of the validator nodes on the network.

5) Just a few days ago, news came out about the $100 million Harmony cross-chain bridge hack. They have not clarified how the funds were stolen yet, and we will be watching this closely. However, bridge hacks have been happening over and over again now, so enough is enough.

6) We need other solutions because these simple bridges are clearly failed experiments. Here is where we come into the picture. How is Fibswap Dex different from these cross-chain bridges?

7) The space needs a solution to remove the requirement of trust in a centralised entity in order to achieve value transfers between chains. This is what Fibswap is doing.

#Fibswap DEx is an interoperable multi-chain bridge system with a smart algorithm that allows people to cross-chain swap true native assets (and any token) across 7 different chains. Most bridges hold the true asset and then mint a wrapped version on the destination's chain.

9) With Fibswap, intermediaries are removed. No additional trust layer is required. You are cross-chain swapping without a centralised authority. This is done by cross-chain communication and can be described as generic messaging between chains.

10) How is that possible? To understand this, we need to take a look at IBC (inter-blockchain communication protocol). IBC took years to code and is an important milestone to achieving interoperability. It connects blockchains trustlessly.

11) Each blockchain validates the other blockchain’s state. You can do that by relaying block headers plus verifying them in the chain through Merkle proofs. In short, you result in cross-chain communication.

12) We need cross-chain communication; however, we need to use truly trustless solutions. This is how the space will survive and thrive, and only then will regular bridge hacking be a thing of the past.

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There are a lot of different blockchains but they are not connected. It is good that appear projects that allow to connect different blockchains and their abilities to make such blockchains better, more useful and comfortable for people.

It will make cryptocurrency more available for people all over the world.

Now cross-chain transactions offer a lot of useful opportunities for people. They allow to connect different blockchains and make payments directly between blockchains. The most important is to realize all planned ideas and create the project that is really necessary for people.

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Promotion is important for every project.
Here is a link to scheck FibSwap on coinmarketcap - https://coinmarketcap.com/currencies/fibswap-dex/

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Start your DeFi journey. Instead of the Cex, use the Dex such as Fibswap and download a non-custodial wallet today. Your money, in your control🙌

You will no longer have to fear waking up to a frozen account, suspended withdrawals due to an issue with a centralised entity or lost funds due to their incompetency. Your money will be in your hands with Defi.

As long as you avoid the common mistakes beginners make, such as connecting your wallet to platforms you don’t fully trust and then forgetting to revoke access afterwards or giving anybody (even friends and family) your seed phrase, this will keep your crypto secure.

More information at https://twitter.com/FibSwap/status/1537812948680380419

It is very important to carefully study the projects to know about all its advantages.
Now cryptocurrency market falls and only the best projects will be able to survive during such big fall of the market.

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Trust is important, that is why it is necessary to continue to develop the project even during the fall of the market because olny the best projects will be able to survive that are really necessary for people.

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It is very important to know the team to understand the future prospects of the project.
Trust is very important to the project and when members know the team of the project the trust to the company increase.

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